The Nigerian government said it is focusing on private sector investments in a bid to boost revenue generation and foster economic growth and development. Government economic managers disclosed this at the public presentation of the breakdown of the 2018 Appropriation Bill held in Abuja on Tuesday.
The 2018 Budget is designed to consolidate on the achievements of the President Muhammadu Buhari administration with the specific aim of driving the implementation of the Economic and Recovery Growth plan.
Speaking during the budget breakdown, economic managers said the federal government is set to create an enabling environment for private investors to boost job creation and economic growth.
Minister of State for Petroleum, Ibe Kachikwu, said more provisions would be made for the private sector to engage in oil exploration rather than making it the sole responsibility of the NNPC.
Nigerians were also advised to adopt the culture of paying taxes as oil is not enough to sustain government revenues for development.
One of the goals of the 2018 Budget is to ensure that Nigeria departs from being a consuming economy to a manufacturing and distributing economy.